Question 9
MediumOriginal questionWhich market comes closest to perfect competition in practice?
Show the answer and explanation
CorrectNot quiteAnswer C
Correct answer: C
Explanation
Many farmers sell an identical product to many buyers, and no single farmer can move the price.
Brands, a single railway and a patent all give some control over price.
- Concept
- Perfect competition in practice
- Typical timeTypical
- 70 s
- Your timeYours
- —
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